Travel companies have realized that money is being left on the table when it comes to payment infrastructure and methods.
A recent report from McKinsey on the value of retailing for airlines revealed that carriers could earn an additional $14 billion by strategically addressing payments.
As consumers increasingly turn to digital payments both online and offline to complete their transactions, the travel industry must follow suit.
Step forward Stripe, which is just one player in the growing digital payment ecosystem for travel.
Subscribe to our newsletter below
James Lemon, the company’s global lead for travel, leisure, transport and automotive, stopped by the PhocusWire Studio at Phocuswright Europe 2023 to talk about payment trends, evolution and where Stripe fits in.
He discussed the need for travel players to up the online experience for customers through easy payment methods that can remove friction and bring down online checkout time to about six seconds.
Lemon also talked about how next generation platforms and marketplaces are processing billions in revenue efficiently with lean finance teams using digital payments.
Recent announcements from Stripe include its new product Link which is being used by Airbnb to save time for users by eliminating the need to enter payment information.
Lemon said the accommodation platform is also exploring various payment options adding that travel companies generally should consider how newer payment mechanisms can boost productivity and impact the bottomline.
See below for the full interview with PhocusWire’s Linda Fox.
Phocuswright Europe 2023 Executive Interview: Stripe